Cardano (ADA) Ranks Third Largest Cryptocurrency in 2021 Market

ADA , the native cryptocurrency of the Cardano blockchain , reached a new all-time high of $ 1.30 per coin, accumulating a 645% rise in the last 90 days. In this way, it reached the podium and became the third largest cryptocurrency by market capitalization at USD 39 billion.

With this escalation, the now third cryptocurrency, surpassed thether (USDT), the dollar-backed stablecoin and Binance’s BNB token .

ADA has been dragged down by the bull market for bitcoin , despite the fact that Cardano does not have much relevance in decentralized finance (DeFi) or other applications that run on it like other Ethereum competitors, such as Binance Smart Chain.

Cardano was launched in 2017 as a competitor to the Ethereum blockchain and is primarily backed by trading company Input Output Hong Kong (IOHK). Its blockchain is the brainchild of Ethereum co-founder Charles Hoskinson, who is now the CEO of IHOK.

As for Bitcoin (BTC) and ether (ETH), both have suffered a price correction after months of double-digit percentage gains . Bitcoin fell 6% on the day to trade around $ 47,000 this Saturday , while the native cryptocurrency of the blockchain ethereum also fell 6% to $ 1,490.

The top cryptocurrency touched $ 44,279 in the early hours of the day , the lowest level since February 11 , after it failed to stay above $ 50,000 for the third day in a row. At the time of publication of this note, the price of bitcoin had achieved a slight recovery and is trading USD just below USD 48,000.

The yield on the bonds of the 10 – year Treasury EE. UU, up to a maximum of one year, 1.61% on Thursday and sparked fears of an anticipated reduction of the stimulus by the Federal Reserve EE. UU ., and this pushed stocks, bitcoin and gold down. These assets had benefited greatly from the huge monetary stimulus delivered by the Fed over the past 11 months.

Elsewhere, the S&P 500 fell more than 2% on Thursday , setting the stage for steep losses in Asian and European stocks. While Asian stocks took a beating early Friday, European indices are showing some resistance.

The DAX of Germany and the FTSE of the United Kingdom are now suffering marginal losses, after they fell more than 1% in the opening bell. Comments from European Central Bank officials appear to have calmed market nerves for now.